Canada Housing/Debt: Trust me, I'm a landlord.

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

apatheticman: May 13, 2003; Wedge Regret

THE BEATWEAVER posted:

From a private realtors group on FB:

Realtors "We only want to be treated like professional organizations or designations when it benefits us!"

I'd be perfectly happy to pay their fees if they had some sort of skin in the game but they somehow fooled everyone into this caveat emptor bullshit that basically makes their entire jobs useless from a customer standpoint.

# ? Jul 8, 2018 18:04

Adbot: ADBOT LOVES YOU

# ? May 24, 2024 15:57

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Purgatory Glory posted:

But realtors are business geniuses..

Super genius!

https://www.youtube.com/watch?v=STeVTzWelns

# ? Jul 8, 2018 20:10

HookShot: Dec 26, 2005

You have no idea how much I want to be a part of that private group.

# ? Jul 8, 2018 21:36

James Baud: May 24, 2015; by LITERALLY AN ADMIN

HookShot posted:

You have no idea how much I want to be a part of that private group.

Get a realtor license, doesn't it only cost $400 or so with an easy to pass test?

# ? Jul 9, 2018 01:13

HookShot: Dec 26, 2005

James Baud posted:

Get a realtor license, doesn't it only cost $400 or so with an easy to pass test?

Yeah I don't $400 want to be a part of that group. I just want to read their posts and laugh.

# ? Jul 9, 2018 02:55

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

And people think the SA pawall is bad.

# ? Jul 9, 2018 04:15

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

James Baud posted:

Get a realtor license, doesn't it only cost $400 or so with an easy to pass test?

It's tougher in Ontario now, you're looking at ~$3k in costs for ~300 hours of courses, plus some elective poo poo after that is another $500+ iirc.

# ? Jul 9, 2018 13:53

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

A two bedroom unit in my old building, same floor, just sold for only $30,000 more than we got for our one bedroom unit. Similar in every way. It went for $30,000 under asking. Direct quote from our shared realtor: "The market has dropped off hard."

The couple is retiring to a rural lake in Alberta, where they can get a sprawling mansion on acreage for the same price.

# ? Jul 9, 2018 15:14

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

Too bad living on a rural lake in Alberta loving sucks for 8 months of the year. There's a reason it's cheap.

# ? Jul 9, 2018 15:19

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

PT6A posted:

Too bad living on a rural lake in Alberta loving sucks for 8 months of the year. There's a reason it's cheap.

The guy is from Quebec so I'm sure he knows what real Canadian winters are like.

# ? Jul 9, 2018 15:31

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

My former MLA says the NDP is to blame/should be credited for housing finally falling.

https://twitter.com/BowinnMa/status/1016168580033867776?s=19

# ? Jul 9, 2018 19:37

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

More normal Vancouver stuff

https://twitter.com/ianjamesyoung70/status/1016442309401980928

# ? Jul 10, 2018 15:23

Femtosecond: Aug 2, 2003

And people wonder why the demand side seems to bring out all the conspiracy theory people. It's because the reality isn't that far off wackyland.

# ? Jul 10, 2018 16:35

Femtosecond: Aug 2, 2003

Thx stress testing!

quote:

Vancouver�s bubbly real estate market is deflating, say realtors

VANCOUVER�In the past six months, realtors working across Metro Vancouver say they�ve seen market conditions go from highly competitive multiple offers and condo pre-sale lineups, to falling prices and developers offering up to $100,000 �bonuses� in an attempt to lure buyers.

The correction is taking some time to work through the market, but the realtors pinpoint April as the month when conditions began to change. While the single family detached market has been softening for some time � ever since the previous B.C. government introduced a foreign buyer tax in the summer of 2016 � the latest change has affected condos and condo pre-sales, from the very high-end in downtown Vancouver, to mid-range and entry-level product in the suburbs.

It�s a dramatic change from a price run-up in condos that started in the fall of 2016, which also spilled over into a bubbly flipping market for pre-sale condo assignments.

Ian Watt, a realtor with Sothebys, focuses on high-end condos in downtown Vancouver, Yaletown and Coal Harbour. He pegs the price correction in that market at 10 to 15 per cent over the past six months, with very little movement in the highest-priced condos. Steve Saretsky, a realtor with Sutton Group West Coast, estimates Vancouver condo prices have declined four to five per cent since the peak of the market in January 2018.

Statistics from the Real Estate Board of Greater Vancouver show that Vancouver condo prices have declined 0.3 per cent over the past three months.

�In June and July there has been one sale of a unit above $3.5 million, which is unheard of,� Watt said.

�Usually you�d have five to 10 sales a month, but we�ve only had one in the last six weeks. Everything above $2 million is pretty much dead; anything related to international money is gone right now.�

Prices have also declined for downtown condos in the $600,000 to $700,000 range, Watt said.

In relatively affordable Langley and Abbotsford, where a two-bedroom, two-bathroom townhome goes for between $300,000 and $400,000, it�s a similar story: seven or eight weeks ago, sellers would receive multiple offers. Properties are now sitting on the market for longer, said Tim Sawatzky, a realtor with 2 Percent Realty Valley.

Where it was once common to see lineups to buy condo pre-sales contracts, Sawatzky said developers in Surrey, Langley and Abbotsford are now offering a variety of incentives, such as a $20,000 �furnishing package,� or between $20,000 and $40,000 off the closing price when the building is completed. (When buyers purchase a pre-sale condo contract, they typically pay five to 15 per cent of the price up front and then pay the full amount after the building is completed.)

A client recently sent Saretsky a brochure offering $100,000 off the �developer�s price� at 3755 Chatham, a lowrise condo building planned for Richmond�s Steveston neighbourhood.

In New Westminster, which had a rapid run-up in condo prices in 2017, things have similarly cooled, said Geoff McLennan, a realtor with Re/Max Advantage. It�s meant a less stressful experience for buyers, who are no longer having to compete with many other buyers and make rapid offers without having the time to fully research the property or place conditions on the sale.

At the high end of the market, Watt said the B.C. government�s increased foreign buyer tax, from 15 to 20 per cent, and the Chinese government�s stricter controls on money transfer out of the country, have been factors in that part of the slowdown.

But the realtors peg new federal stress test rules as the main reason the mid-range market has cooled. The tighter restrictions came into effect in January 2018 and mean that even buyers who have a 20 per cent down payment must also meet an additional test to ensure they can afford their mortgage if interest rates rise.

Watt and McLennan say what they�re seeing is not a collapse, but a return to more normal real estate conditions in what�s been a highly overvalued market.

�My advice to sellers is, it�s not 2017 anymore,� Watt said. �It�s back to reality.�

But as inventory continues to build because of the dramatic drop in sales, a much bigger price correction could be on the way, Saretsky warned.

�Prices are always sticky on the way down,� he said. �Fifty per cent of listings today are recycled,� meaning that the property has been listed, removed, and re-listed, usually with a change in price. �It�s almost like price discovery: what is my home worth.�

# ? Jul 11, 2018 04:02

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

Funny how it's finally happening and this thread couldn't be more quiet. *pours one out for CI*

# ? Jul 11, 2018 05:22

HookShot: Dec 26, 2005

We're all afraid to jinx it.

Alternately, we're all too busy hunting for a new home on Realtor(TM).ca

# ? Jul 11, 2018 05:26

Fuzzy Mammal: Aug 15, 2001; Lipstick Apathy

We're not getting the sob stories yet, except for a few signed then balked and lost more than the deposit tales. Once the tears start flowing daily we can congratulate ourselves.

# ? Jul 11, 2018 05:30

Femtosecond: Aug 2, 2003

UnfortunateSexFart posted:

Funny how it's finally happening and this thread couldn't be more quiet. *pours one out for CI*

:\

There's no implosion here, just prices going back to where they were in 2016.

The condo I was following for a bit was re-listed for like 10% off then sold and was still above $1000/sqft lol.

# ? Jul 11, 2018 05:37

EvilJoven: Mar 18, 2005; NOBODY,IN THE HISTORY OF EVER, HAS ASKED OR CARED WHAT CANADA THINKS. YOU ARE NOT A COUNTRY. YOUR MONEY HAS THE QUEEN OF ENGLAND ON IT. IF YOU DIG AROUND IN YOUR BACKYARD, NATIVE SKELETONS WOULD EXPLODE OUT OF YOUR LAWN LIKE THE END OF POLTERGEIST. CANADA IS SO POLITE, EH?; Fun Shoe

Unless things nosedive it's still going to be a completely unaffordable place to live for the majority of Canadians. Let me know when there are single family homes in Vancouver that a person making the median income in the region could reasonably afford. Then I'll say it's happened.

# ? Jul 11, 2018 05:43

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

Femtosecond posted:

:\

There's no implosion here, just prices going back to where they were in 2016.

The condo I was following for a bit was re-listed for like 10% off then sold and was still above $1000/sqft lol.

This is the beginning. It hasn't even hit public consciousness yet - once it does, the prices will really start dropping. People will panic and start trying to sell too late.

Vancouver's boom was far from typical and the bust won't be either. Chinese money has vanished. Friends I have from working at the downtown casino say the "VIP"/high limit rooms are empty all day every day. This is different.

Edit: it won't ever be Calgary/Edmonton/Winnipeg affordable, but it'll crash enough to do significant and lasting economic damage. Real estate to Vancouver is oil to Calgary.

# ? Jul 11, 2018 06:08

ocrumsprug: Sep 23, 2010; by LITERALLY AN ADMIN

There is still the possibility of one of the government bodies involved to lose their nerve and not let this thing unwind. It may finally be too late for that, but I also thought that in 2009 during the GFC.

# ? Jul 11, 2018 12:45

PT6A: Jan 5, 2006; Public school teachers are callous dictators who won't lift a finger to stop children from peeing in my plane

UnfortunateSexFart posted:

This is the beginning. It hasn't even hit public consciousness yet - once it does, the prices will really start dropping. People will panic and start trying to sell too late.

Vancouver's boom was far from typical and the bust won't be either. Chinese money has vanished. Friends I have from working at the downtown casino say the "VIP"/high limit rooms are empty all day every day. This is different.

Edit: it won't ever be Calgary/Edmonton/Winnipeg affordable, but it'll crash enough to do significant and lasting economic damage. Real estate to Vancouver is oil to Calgary.

It could probably be Calgary-affordable if you talk about the part of Calgary that isn't just endless, infrastructure-free suburban sprawl. If you look at averages alone, you won't see that, but housing in places you'd actually want to live is quite expensive. Way, way more than Winnipeg, Ottawa and Edmonton I'm led to believe. Probably more than Montreal too.

# ? Jul 11, 2018 13:02

ChickenWing: Jul 22, 2010

UnfortunateSexFart posted:

This is the beginning. It hasn't even hit public consciousness yet - once it does, the prices will really start dropping. People will panic and start trying to sell too late.

I want to believe this but it sounds waaaaaaaaay too much like "this time things will be different"

# ? Jul 11, 2018 15:39

Femtosecond: Aug 2, 2003

Bank of Canada increased the benchmark interest rate to 1.5

https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.4742063?cmp=rss&utm_source=dlvr.it&utm_medium=twitter

# ? Jul 11, 2018 15:58

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

PT6A posted:

It could probably be Calgary-affordable if you talk about the part of Calgary that isn't just endless, infrastructure-free suburban sprawl. If you look at averages alone, you won't see that, but housing in places you'd actually want to live is quite expensive. Way, way more than Winnipeg, Ottawa and Edmonton I'm led to believe. Probably more than Montreal too.

In Calgary you can get a nice detached house in Mission for less than 700k or in Lower Mount Royal for 1 million; I don't think houses in "nice" Van neighbourhoods are ever going to get that cheap.

# ? Jul 11, 2018 16:26

Claes Oldenburger: Apr 23, 2010; Metal magician!

Cold on a Cob posted:

In Calgary you can get a nice detached house in Mission for less than 700k or in Lower Mount Royal for 1 million; I don't think houses in "nice" Van neighbourhoods are ever going to get that cheap.

Yeah, I highly doubt that will ever happen. Desirable places will always be desirable, and despite all the poo poo Vancouver gets it's still a pretty drat nice place. What I'm the most curious about is the suburbs, currently any houses within an hour of Van seem to be ridiculously over priced as well? I've only ever hunted for condos so I don't really know what home prices are like the farther out you go. I assume the closest "affordable" place is like...Abbotsford?

# ? Jul 11, 2018 17:04

Dinosaurtrain: Mar 7, 2018; by R. Guyovich

Yeah I mean look at all the rich people with 500k year Amazon and Google jobs flocking to Vancouver to fill the fuerdai void. Houses will never be cheap in the land of skiing in the mountains and swimming in the ocean the same day, rentailures

# ? Jul 11, 2018 19:56

Evis: Feb 28, 2007; Flying Spaghetti Monster

Neither of those companies pay half that much for the overwhelming majority of their employees.

# ? Jul 11, 2018 20:01

tagesschau: Sep 1, 2006; D&D: HASBARA SQUAD
THE SPEECH SUPPRESSOR

Remember: it's "antisemitic" to protest genocide as long as the targets are brown.

Claes Oldenburger posted:

Desirable places will always be desirable

Desire is not demand. Desire plus money is demand. Guess which one the average Vancouverite lacks, according to Statistics Canada.

# ? Jul 11, 2018 20:10

unknown: Nov 16, 2002; Ain't got no stinking title yet!

And rates are up!

Bank of Canada posted:

The Bank of Canada today increased its target for the overnight rate to 1 � per cent. The Bank Rate is correspondingly 1 � per cent and the deposit rate is 1 � per cent.

The Bank expects the global economy to grow by about 3 � per cent in 2018 and 3 � per cent in 2019, in line with the April Monetary Policy Report (MPR). The US economy is proving stronger than expected, reinforcing market expectations of higher policy rates and pushing up the US dollar. This is contributing to financial stresses in some emerging market economies. Meanwhile, oil prices have risen. Yet, the Canadian dollar is lower, reflecting broad-based US dollar strength and concerns about trade actions. The possibility of more trade protectionism is the most important threat to global prospects.

Canada�s economy continues to operate close to its capacity and the composition of growth is shifting. Temporary factors are causing volatility in quarterly growth rates: the Bank projects a pick-up to 2.8 per cent in the second quarter and a moderation to 1.5 per cent in the third. Household spending is being dampened by higher interest rates and tighter mortgage lending guidelines. Recent data suggest housing markets are beginning to stabilize following a weak start to 2018. Meanwhile, exports are being buoyed by strong global demand and higher commodity prices. Business investment is growing in response to solid demand growth and capacity pressures, although trade tensions are weighing on investment in some sectors. Overall, the Bank still expects average growth of close to 2 per cent over 2018-2020.

CPI and the Bank�s core measures of inflation remain near 2 per cent, consistent with an economy operating close to capacity. CPI inflation is expected to edge up further to about 2.5 per cent before settling back to 2 per cent by the second half of 2019. The Bank estimates that underlying wage growth is running at about 2.3 per cent, slower than would be expected in a labour market with no slack.

As in April, the projection incorporates an estimate of the impact of trade uncertainty on Canadian investment and exports. This effect is now judged to be larger, given mounting trade tensions.

The July projection also incorporates the estimated impact of tariffs on steel and aluminum recently imposed by the United States, as well as the countermeasures enacted by Canada. Although there will be difficult adjustments for some industries and their workers, the effect of these measures on Canadian growth and inflation is expected to be modest.

Governing Council expects that higher interest rates will be warranted to keep inflation near target and will continue to take a gradual approach, guided by incoming data. In particular, the Bank is monitoring the economy�s adjustment to higher interest rates and the evolution of capacity and wage pressures, as well as the response of companies and consumers to trade actions.

Information note
The next scheduled date for announcing the overnight rate target is September 5, 2018. The next full update of the Bank�s outlook for the economy and inflation, including risks to the projection, will be published in the MPR on October 24, 2018.

# ? Jul 11, 2018 21:01

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

ChickenWing posted:

I want to believe this but it sounds waaaaaaaaay too much like "this time things will be different"

When was the last time? There was a small slump in 2008 and 2012 but otherwise things have been skyrocketing since the mid 90s. Before that Vancouver wasn't expensive.

# ? Jul 11, 2018 21:19

Kreez: Oct 18, 2003

If my 3 story "townhouse" building in Vancouver is anything to go by, the market for 550sqft 1 bedroom units is still strong, 2 units just sold after only a few days on the market for over-asking at 20% higher than last summer.

# ? Jul 12, 2018 01:45

Dinosaurtrain: Mar 7, 2018; by R. Guyovich

Just do it you guys. Go and buy the condo of ur dreamz

# ? Jul 12, 2018 01:54

Femtosecond: Aug 2, 2003

Claes Oldenburger posted:

Yeah, I highly doubt that will ever happen. Desirable places will always be desirable, and despite all the poo poo Vancouver gets it's still a pretty drat nice place. What I'm the most curious about is the suburbs, currently any houses within an hour of Van seem to be ridiculously over priced as well? I've only ever hunted for condos so I don't really know what home prices are like the farther out you go. I assume the closest "affordable" place is like...Abbotsford?

I don't think Abbotsford is all that affordable either. $550-600k+ seems like the lowest points for a house.

IMO best bang for your buck is probably Ladner where you can get a (probably lovely) detached house for just under $1 million, but there's an extremely good chance that in the next 5-10 years the provincial government is going to build you a shiny new river crossing that will make your commute trivial and in 20-30 years you'll probably get transit. Meanwhile Abbotsford will remain a distant and terrible commute from anything.

Also Ladner has a sort of quaint, walkable downtown. Unlike many other cities in the region it at least has the framework for something good in the future. It's kinda like a poor man's Fort Langley, before the Fort got hipster coffee shops and good retail.

Femtosecond fucked around with this message at 03:59 on Jul 12, 2018

# ? Jul 12, 2018 03:47

mila kunis: Jun 10, 2011

The Sydney real estate bubble is collapsing. Hope for canada?

https://wolfstreet.com/2018/07/11/sydney-house-price-bubble-mortgage-market-royal-commission/

# ? Jul 12, 2018 22:13

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Doesn�t Australia have that crazy reverse gearing poo poo that amplified their bubble?

# ? Jul 12, 2018 22:22

etalian: Mar 20, 2006

mila kunis posted:

The Sydney real estate bubble is collapsing. Hope for canada?

https://wolfstreet.com/2018/07/11/sydney-house-price-bubble-mortgage-market-royal-commission/

lol

quote:

�The local mainstream media (MSM) have made great efforts to play down the systemic nature of the early findings of the Royal Commission along with the fall in house prices in Sydney,� David writes:

�House Prices will fall, but not crash� is the chorus despite Sydney house prices falling through the floor on the back of rising funding costs and weakening credit conditions. No doubt, revenues from real-estate and bank advertising remain a critical revenue component for Australian MSM news sites, relative to their international peers.

Humorously, the MSM has also begun to turn their attention on smaller housing markets that are showing signs of strength and increased credit expansion, such as Hobart, Tasmania, which has a population of just 220,000.

# ? Jul 12, 2018 23:49

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

quote:

Median home values in Vancouver are known to be the highest in Canada, but it�s a whole other stratosphere to see them come in third in North America, up there with the economic powerhouses of Silicon Valley and San Francisco.

And then, it�s a dramatic shift of the eye to see that median household incomes in Vancouver are near the bottom of a list of 51 North American metropolitan areas, sandwiched between two much sleepier places: Lancaster, Pennsylvania and Columbus, Ohio,

Vancouver was number 50.

�Columbus has a hockey team so I knew where that was, but I had to look up Lancaster,� said Andy Yan, director of Simon Fraser University�s City Program.

This is Yan�s latest offer of perspective on the gap between what Metro Vancouver residents earn and what home values are.

It comes as regulators and major banks are assessing the risks of their exposure to Vancouver housing, while general debt levels in the country remain at what Bank of Canada governor Stephen Poloz recently described as �worrying levels,� even though tighter lending regulations have helped to steady prices.

Yan took 51 metropolitan areas in Canada and the U.S. that have a population greater than 500,000 and � using Statistics Canada, 2016 census, U.S. Census Bureau and other 2016 figures � pegged median home values in Metro Vancouver at $800,220 and median household incomes at $72,662, accounting for purchasing power parity or what a dollar can buy in different markets.

Both median housing values and household incomes in the metro area of San Jose-Sunnyvale-Santa Clara, CA were the highest of all the cities at $1,085,595 and $131,000, respectively.

Apple Inc. has been building a US$5 billion campus, set over 175 acres, in Sunnyvale that will include a spaceship-like building for 12,000 workers. The area is also home to the likes of Google LLC and Cisco Systems Inc.

�I�ve heard they have some pretty good economic development,� deadpanned Yan. �Some solid startups.�

San Francisco-Oakland-Hayward came in second spot for both highest median housing values and median income.

When Yan divided median household incomes by median housing values to make an affordability index, Vancouver topped the entire chart at 11, compared to the next closest metropolitan area, Los Angeles-Long Beach-Anaheim, at 8.8. San Jose-Sunnyvale-Santa Clara was 8.3. Toronto was fourth on that list with an index of 8.3. Calgary was 4.5.

�Vancouver is an expensive place to live and a hard place to make a living,� he said.

For Yan, this means there is a change in the narrative of what life in Vancouver means or offers.

�Whereas our parents busted arse to make a life in Vancouver, it�s now going towards �how much of life in Vancouver is about doing a day of honest work?� Or is it �the luck of inheriting it all?� And is this a story that we want to follow? And who are the writers of it?�

�There�s no magic bullet, but what�s needed is a thoughtful tool kit with two trays. One is affordable housing, which is about both supply and demand measures. And the other is economic activity, the fishing and hunting for companies and attracting them, and growing them here.�

�Inadvertently, our high residential real estate actually discourages companies from being here. The numbers touch upon how our high residential real estate prices undermine our competitiveness.�

�They displace other activities when it�s better to flip real estate than build a company,� said Yan. �That has consequences.�

https://theprovince.com/business/local-business/home-values-in-vancouver-highest-after-silicon-valley-while-incomes-just-ahead-of-columbus/

# ? Jul 13, 2018 20:06

Femtosecond: Aug 2, 2003

This reminds me a bit of how the BC Liberals lost the last election, when their refrain was "jobs jobs jobs" but the public answered back, "well we actually have decent jobs, but the price on everything is spiking." Vancouver's economy is doing relatively fantastic compared to previous years but even top 10%er tech workers at Microsoft and Amazon with relatively great six figure salaries wouldn't be feeling all that great about the amount of housing they can afford to buy. With prices over $1000/sqft it's a shoebox condo. Of course if you aren't making six figures there's no way any property is affordable.

So yes while Vancouver certainly needs to increase its median income, I don't see salaries getting to dot com levels any time soon, and so the main issue here is the price of housing. (Not to mention that silicon valley itself has nightmarish housing issues so it's not like emulating them, increasing tech salaries, and having a class of very rich is going to fix anything)

# ? Jul 14, 2018 02:38

Adbot: ADBOT LOVES YOU

# ? May 24, 2024 15:57

UnfortunateSexFart: May 18, 2008; ð» ððð« ð·ððð·
ð ð ð ð« ð®ð ð¾ð ð ð¡ððð

City of Vancouver's head of real estate services, Bill Aujla, is resigning to become the vice-president of real estate at Aquilini Development. Just more normal Vancouver stuff.

quote:

Mr. Aujla was responsible for, among other things, deciding on how much developers should pay in community-amenity contributions (CACs) to the city for large rezoning projects � a role that put him at odds with some developers. A few of them cancelled projects in the past year because of demands he had made for millions of dollars in CACs they believed made their developments financially unworkable.

...

Independent mayoral candidate Kennedy Stewart, currently an NDP MP, said the city needs to put new policy in place to ensure senior staff and politicians, who have had access to confidential information, can�t go and immediately work for a developer or another company that does extensive business with the city.

https://www.theglobeandmail.com/canada/british-columbia/article-vancouver-city-staffers-move-to-developer-prompts-calls-for-cooling/

Hmm yes limiting corruption, interesting concept. :hmmyes:

# ? Jul 21, 2018 20:20

The Something Awful Forums > Discussion > Debate & Discussion > Canada Housing/Debt: Trust me, I'm a landlord.

«‹›1518 »